Subject to any transitional relief, forms and templates applicable before 11pm Thursday 31 December 2020 should be read in conjunction with Supervisory Statement (SS) 2/19, which sets out how the PRA expects firms to interpret EU-based references in reporting and disclosure requirements and regulatory transactions forms.
With the exception of Matching Adjustment, we have the power to assess and determine applications for Solvency II approvals under the Solvency II Regulations 2015. Matching Adjustment rule permissions are now being granted using a FSMA s138BA rule permission.
Firms wishing to apply for permission to use an Internal Model or change an Internal Model from 31 December 2024 must apply for permission under section 138BA of FSMA.
Please complete the s138BA rule permission application form, the Internal Model supplementary information, and the Internal Model Application Template Form (IMAT):
Send your completed application forms for Internal Model permission to PRA-Waivers@bankofengland.co.uk.
Any firm intending to submit an application for permission to use an Internal Model is strongly encouraged to discuss their plans and projected timelines with their supervisor before submitting an application.
Firms should also refer to the following Q&A which provides additional information on the application process:
To apply for permission under FSMA section 138BA to apply a Matching Adjustment, please complete the s138BA rule permission application form and the Matching Adjustment supplementary information form:
Send your completed application forms for a Matching Adjustment rule permission to PRA-Waivers@bankofengland.co.uk.
Any firm intending to submit an application to apply a Matching Adjustment is strongly encouraged to participate in the Application Readiness Assessment Process (ARAP). In order to participate in this process firms should complete the following form:
Firms should refer to the following Q&A for practitioners which provides additional information on the application process. The Q&A was last updated on 7 October 2024 to cover questions raised by firms and other stakeholders in the first three months after the new MA rules came into effect on 30 June 2024.
To apply for a Solvency II approval, complete the main application form and, if required, the relevant supplementary information form. Send your application form to S2submissions@bankofengland.co.uk. A fee is payable for applications for new internal models. Please see Table E in the Fees Part of the PRA Rulebook.
Application form: Solvency II approval
Firms are not required to provide details of a precedent written notice when applying for a Solvency II Permission.
Any applicant that is planning to use a new UK based Special Purpose Vehicle in accordance with Article 211 of the Solvency II Directive should discuss these proposals with PRA authorisations, or where applicable, its usual PRA supervisory contact prior to submitting a formal application for authorisation. Applicants should also refer to the insurance special purpose vehicles webpage for more information.
On 1 November 2017 we published PS26/17 'Authorisation and supervision of insurance special purpose vehicles'.
We will acknowledge your application when we receive it.
We may contact you for any further information we need to determine your application.
If we decide to grant a Solvency II approval, we will issue an approval letter and a written notice setting out the permission, which entities it applies to, and the time period for which it is valid. If we decide not to approve an application, we will inform you of your options for challenging the decision.
We have a statutory duty to publish details of Solvency II approvals, unless we consider it inappropriate or unnecessary to do so. Some will be published in abridged form at a firm’s request. Firms can also request that a Solvency II approval is not published, making arguments on the Solvency II approval application form.
19 April 2021: The consolidated list of Waivers, CRR and Solvency II Permissions granted by us to PRA-authorised firms is no longer being provided. If you wish to discuss your requirements for this report please contact the following address: PRA-Waivers@bankofengland.co.uk. Alternatively, please see the FCA Register which is the primary source of PRA Waivers and EU Permissions data and is available for external parties. Firms are not required to provide details of a precedent direction or written notice when applying for a waiver or modification of PRA rules, a CRR, or Solvency II Permission.
For information and materials, please see Waivers and modifications of rules.
Through our authorisations forms, the Bank of England (the ‘Bank’) collects personal data about you. This personal data could include (depending on the application or notification form submitted) personal identification details, contact information, addresses, employment history and information relating to fitness and propriety such as criminal, civil and regulatory matters. Each form clearly states what personal data is being gathered. The Bank may make further enquiries and seek similar information from third parties and other data sources as we think appropriate to identify and verify information that we consider relevant to the application or notification, this could include criminal, credit and other background checks.
The Bank collects personal data to process a range of authorisation applications and notifications, which include:
This information is used to assist the Bank of England in discharging its functions, in particular the statutory functions of the Prudential Regulation Authority under the Financial Services and Markets Act 2000 and other relevant legislation.
In complying with applicable laws and for law enforcement purposes, we may disclose information to any government entity, regulatory authority or to any other person the Bank reasonably considers necessary. This may mean that personal data is transferred outside the United Kingdom. Otherwise, we will not disclose your information without your permission. Your personal data will be retained in accordance with the Bank’s records management schedule.
You have a number of rights under data protection laws. For example, you have the right to ask us for a copy of the personal data the Bank holds about you. You can also ask us to change how we process or deal with your personal data, and you may have the right in some circumstances to have your personal data amended or deleted. To contact us about those rights, including making a request for the personal data we hold about you, or to find out more about privacy and data protection at the Bank, please see the Privacy and the Bank of England page.